Don't you hate it when stuff like these happen? I mean, here on Budget Babe I've been writing about how to save more, invest better, and other tips on managing your personal finances...yet all that money can be lost in minutes if you fall prey to the scammers.

Lest you think you're too "smart" to be tricked, note that the scammers are also becoming smarter in their tactics. So do yourself a favour, keep yourself informed of their latest methods, and share this with your friends and loved ones (especially elderly parents) to prevent them from becoming the next victim.

This one is an email scam, rather than a phone call. I recently received an email from DBSAdvice@dbs.com with "Transaction Advice" as the subject, containing a zip file attachment titled "Account Statement".

MOM Employment scam

You receive a call from "MOM" informing you that there has been issues with your work pass application, and that you're requested to transfer money to resolve this.

SP Services scam

You'll get a call from "Singapore Power Services", telling you that your utilities accounts are in arrears or that your electricity meters require changing. You'll then be asked to make payments to a designated bank account.

Parcel / DHL scam

You get a call from a "courier company" (often DHL) informing you that your parcel had not been picked up. When you get connected to a "courier staff member", they'll tell you that your parcel has been held as it was found to contain prohibited items (either fake passports or weapons). They'll then request for your personal and bank information, or transfer you to a "customs officer" who will instruct you to remit money to an overseas bank account to avoid action from the local police.

Within this year alone, Singapore has lost over $4 million to these scammers. Don't be the next victim! I've consolidated the tips provided by the police, government and banks below, together with some of my own:

1. Do not pick up calls from unknown numbers.

Scammers are now using caller ID spoofing technology to display a different number from their actual ones. Calls that appear to be from a local number may not actually be made in Singapore. If you receive a suspicious call from a local number, hang up, wait five minutes, then call the number back to check the validity of the request.

If people really need to reach you, they'll find another way of contacting you. I never pick up calls from anyone who isn't in my contact book; even if it is a friend, they'll eventually message me so I can call them back.

BB tip! Activate caller ID services through your local telco for $5 a month, or download Contactive the app to try to figure out who's behind the number calling. The app has saved me from many unwanted marketing calls this year!

If you're concerned, you can always call the bank directly to verify if the call is genuine before divulging any personal data.

3. Hang up when you're asked to transfer or remit money.

No bank or government agency will ever inform you to transfer money through a phone call, especially to a third party's bank account. Demand for a physical statement as proof to confirm the authenticity of the claim, or verify with the agency directly by calling back.

4. Call a friend or a trusted relative before you act.

In the latest case, the 30-year-old woman admitted that she was too emotionally distraught to think logically when everything was happening. Seek a second opinion before you do anything, especially when it concerns money.

Keep your hard-earned money safe and to yourself. Don't lose it to these scammers.

It frustrates me to no end that so many people are falling prey, especially for the elderly folks who might not be Internet-savvy enough to be educated about these scammers and their tactics! The scammers are getting smarter and harder to distinguish from the authentic ones now, I only fear more victims will emerge

I read somewhere that they can't - the scammers basically are almost untraceable as they use stolen IDs and accounts for the transactions, and when you return the calls, the numbers link you back to legitimate organizations like Bank of Singapore (under OCBC) and more.

What's your mortgage like?

Hello!

You can call me Dawn, and this little space on the Internet is where I write about becoming financially-free. Join me as we learn more about savings, budgeting, paying off debts, insurance and investing together!

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Please note that all statements published on this blog are solely opinions of my own i.e. of a personal nature, and should not in any way be taken as statements of fact. Readers are encouraged to do their own research before arriving at any conclusions based solely on materials provided, or republished, on this blog.